Metropolitan Lesotho bridges knowledge gap with inclusive life cover

New Boiketlo life cover suite targets misconceptions, opens door for chronic illness sufferers

RETHABILE MOHONO

MASERU — Despite life insurance being a cornerstone of financial planning, many Basotho continue to favour funeral policies over more comprehensive life cover.

The persistent preference is driven largely by limited awareness of broader financial protection products, coupled with the widespread belief that life cover is either too expensive or not accessible to people living with chronic illnesses.

In response to these market gaps, Metropolitan Lesotho has launched a revamped, inclusive life cover solution designed to widen access and dispel long-standing misconceptions.

Speaking exclusively to this publication, Teboho Chabalala, Regional Sales Manager at Metropolitan Lesotho, said the new offering — branded Boiketlo Life Cover — aims to empower more Basotho to secure long-term financial stability for their families.

“Life cover remains one of the most important yet underutilised financial tools in our market,” Chabalala said. “It is not merely a death benefit; it is a lifeline that ensures dependents are not plunged into poverty when a breadwinner passes away.”

Metropolitan Lesotho, a subsidiary of the wider Metropolitan Group, has operated in the country for over two decades. The company is part of Momentum Metropolitan Holdings, a leading African financial services group headquartered in South Africa.

Since entering Lesotho, Metropolitan has focused on providing affordable and accessible insurance and investment solutions, with a strong emphasis on education and community outreach. Its footprint spans both urban and rural areas, and it has long been recognised for tailoring products to the unique socio-economic realities of Basotho — including high unemployment, reliance on remittances from South Africa, and the growing burden of non-communicable diseases.

Yet even with this background, Chabalala admits that funeral insurance remains the default choice for most consumers.

“Funeral cover is simple, requires no medical checks, and pays out quickly. But it leaves families vulnerable once the burial costs are settled. Life cover, on the other hand, is a long-term wealth replacement tool.”

Chabalala explained that confusion between life cover and funeral cover is the single biggest barrier to uptake.

“People often think they are the same. Both pay out upon death, but that is where the similarity ends. Funeral cover addresses immediate burial costs — often between M5 000 and M50 000. Life cover provides a lump sum that can run into millions, replacing lost income, settling mortgages, and funding children’s education.”

He further clarified the underwriting differences: “Funeral cover generally does not require medical underwriting, which makes it attractive. Life cover traditionally involves detailed health assessments — but with Boiketlo Life Cover, we have changed that.”

The newly launched Boiketlo Life Cover suite is structured to meet a wide range of client needs across different life stages. It includes three main options:

1. Level Term Assurance with Bond – Designed specifically for clients with mortgage obligations. The cover runs for a fixed period matching the bond term, ensuring the family home is fully paid off in the event of the policyholder’s death.

2. Level Term Assurance without Bond – Ideal for clients needing cover for a defined period, such as 10, 20, or 30 years. This option suits parents who want financial protection until their children become financially independent or until major debts are cleared.

3. Whole Life Assurance – Provides lifelong cover with a guaranteed pay-out upon death, whenever it occurs. This option offers peace of mind for those who want certainty regardless of when they pass away.

To further strengthen financial protection, policyholders can add optional benefits: Permanent Disability Benefit, Daily Hospital Benefit, Death Premium Waiver, and Disability Premium Waiver. These additions transform the product from a pure death cover into a comprehensive risk management tool.

Crucially, Metropolitan Lesotho has removed several traditional barriers. “There is no waiting period — cover begins once the application is accepted,” Chabalala emphasised. The minimum entry age is 19 years, and the maximum entry age is 66 years, ensuring broad eligibility across generations.

Most significantly, the product is open to individuals with pre-existing health conditions, including chronic illnesses such as diabetes, hypertension, and HIV.

“Individuals with chronic illnesses are also eligible to apply for life cover,” Chabalala confirmed. This inclusive approach marks a major shift in Lesotho’s insurance landscape, where many residents have historically been excluded or quoted prohibitive premiums due to health concerns.

Despite the new product’s accessibility, Chabalala acknowledges that knowledge remains the biggest hurdle.

 “Many Basotho still believe life cover is only for the rich or the perfectly healthy. That is a myth we are determined to break.”

Metropolitan Lesotho is ramping up community-based financial literacy campaigns, partnering with village health workers, and leveraging local radio stations to explain the differences between funeral and life cover in simple Sesotho. The company is also training its agents to have empathetic, needs-based conversations rather than pushing products.

“We are not trying to replace funeral cover — it serves a valid short-term need. But we want every Motswana to make an informed choice. If you can afford both, great. But if you have dependents, a bond, or children in school, life cover is not a luxury; it is a necessity.”

As Metropolitan Lesotho pushes to close the knowledge gap, the company is banking on increased awareness to drive uptake of life cover as a long-term financial planning tool. Chabalala concluded: “The main purpose of life cover is to replace lost income, ensure the financial stability of dependents, and settle outstanding debts. No family should face the double tragedy of losing a loved one and then losing their home or savings. Boiketlo Life Cover is our answer to that reality.”

With inclusive underwriting, flexible terms, and a commitment to education, Metropolitan Lesotho is not just selling policies — it is building a more financially resilient nation, one family at a time.